Money Can't Buy Happiness? Think Again.

A new study finds that for rich and poor alike, as income climbs, so does one’s sense of well-being. Brenda Cronin reports. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... just what you recites the ... mall money means mole happiness hit a tells all about my recent has been fun and fun economics test it out to buy something and thank you ... now this is awesome guys from the enlisted Michigan wind and the American economic review ... and they have ... to count all the songs on it ... so it seems obvious to me if you have more money on you happy ... while he was silly all think that that's the kicks of the researchers that's Justin Wolfers an anti Stevenson the University of Michigan ... when looking into something that began initially called the eastern and paradox which was developed in the seventies and is named for rich eastern end ... and it basically says as average income increases average happiness does not ... that has been changed in the ensuing decades into something called the modified eastern part of that is basically once you get to a certain level of income ... increasing it will not increase your happiness ... however that didn't seem to have being tested now this of this modification was not before I Mistry sternum himself with whom I spoke to that so he he ... this is not his theory ... but ... will present Stevenson found ... maybe that's never been tested why don't we check it out so they look and data for more than a hundred ... hundred countries taking a hundred fifty countries both bricks and for him and looked at Ritchie and for people in those countries ... as their incomes increase to rise ... it may take more money to make a rich person happy for ... her declared that he or she feels happy ... but the fact is that ... as income rises so does the declaration of well being so you might say come along more extra money ... when it's eating up the extra money to make if you if you call ... them until somebody in the middle of one of the lot more to move the needle on a happy get this up ... if you're making ten thousand dollars a year and all the sudden making twenty year were to be much happier ... however if you're making a million dollars the year and you're you're of a sudden making twenty thousand more ... that's not to stare into making incrementally as happy as it will be less I find his first someplace Linick economists on on the dismal scientists but they want what they ... can bring us all happiness is one of the attempted to ... bring us happiness because Mo money MO well which is what economics is all about Eve we do not see appraisal at this point at this point the real war is ... always more Scott ... Summers The Fenech is because of turning a lot of money was funneled the if this was the Nexus tilling by doing a month isn't that so it's not not the end of this random nonsense ... that's been gone for ever ... of but at this point in the according to this research we do see that ... more income ... more happiness not a silly cause off but ... the fact is that the channels they will causality but that is an interesting question to us by year-end two other Brenda Cronin on economics that's ... small home and on the vs day don't come